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(Alliance News) - EQTEC PLC on Wednesday said planning approval for an improved scheme at its Billingham waste gasification and power plant has been secured.
Shares in EQTEC were up 10% at 2.67 pence in London in morning trading.
Stockton-on-Tees Borough Council has sent a resolution to Cork, Ireland-based gasification technology firm EQTEC to grant approval for a proposed up to 25 megawatt electric Billingham waste gasification and power plant at Haverton Hill, Billingham.
EQTEC proposed the improved scheme in order to reduce the project's environmental impact and improve its commercial outcome.
On December 18, EQTEC's Haverton WTV Ltd subsidiary signed a call option and exclusivity agreement with Scott Bros Enterprises Ltd, with Scott Bros granting the subsidiary the option to require Scott Bros to sell the project site to Haverton WTV. This option can be exercised at any point up to February 28 and execution of the agreement is set to complete in this timeframe.
EQTEC Chief Executive David Palumbo said: "We are delighted to start 2021 with the achievement of a significant milestone for the project and company, by securing planning approval on the project site for our revised scheme, and so soon after signing the call option and exclusivity agreement last December."
"We are pleased with the momentum of this project, which we have now resourced with an experienced project delivery team. We remain focused on securing the optimal construction and operational structure for the project, for the benefit of all our stakeholders," he added.
By Anna Farley; annafarley@alliancenews.com
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